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Impact of domestic financial liberalization on economic growth in Pakistan

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  • Samina Naveed
  • Zafar Mahmood

Abstract

This paper attempts to investigate the domestic components of the financial liberalization process in Pakistan and develops an index of domestic financial liberalization capturing the important dimensions of reform process. Employing the multivariate co-integration technique and error-correction mechanism, the results indicate a positive impact of the index on economic growth in the long run, while its short run impact is found to be negative. Empirical findings highlight the importance of further financial deepening and financial intermediation, in a conducive environment, that are essential components to successfully implement reforms for growth stimulation.

Suggested Citation

  • Samina Naveed & Zafar Mahmood, 2019. "Impact of domestic financial liberalization on economic growth in Pakistan," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 22(1), pages 16-34, January.
    • Handle: RePEc:taf:jecprf:v:22:y:2019:i:1:p:16-34
    DOI: 10.1080/17487870.2017.1305901
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    Cited by:

    1. Filiz Mızrak & Serhat Yüksel, 2019. "Significant Determiners of Greek Debt Crisis: A Comparative Analysis with Probit and MARS Approaches," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 8(3), pages 33-50, July.
    2. Rahman, Abdul & Khan, Muhammad Arshad & Charfeddine, Lanouar, 2021. "Regime-specific impact of financial reforms on economic growth in Pakistan," Journal of Policy Modeling, Elsevier, vol. 43(1), pages 161-182.
    3. IWASAKI, Ichiro & ONO, Shigeki, 2023. "Economic Development and the Finance-Growth Nexus : A Meta-Analytic Approach," CEI Working Paper Series 2023-06, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

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